Why Shares of These 3 Pipeline Companies Plummeted More Than 70% in March [The Motley Fool]
NOBLE MIDSTREAM PARTNERS LP (NBLX)
Last noble midstream partners lp earnings: 2/12 06:50 am
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Source: The Motley Fool
What happenedIn March, units of midstream pipelinemaster limited partnershipsDCP Midstream(NYSE:DCPNoble Midstream PartnersNYSE:NBLXTarga ResourcesNYSE:TRGP Global Market IntelligenceThese were some of the worst performances inthe energy industryDow Jones U.S. Pipeline IndexHennessy Midstream BP Investor Fund 00Image source: Getty Images.So whatThe reason the overall oil and gas industry performed so poorly in March was primarily due to collapsing oil prices. Global oil oversupply had already been keeping prices from rising significantly above the $60/barrel range for several months. That oversupply persisted even though the OPEC+ alliance, which consists of Russia as well as all the OPEC members, including Saudi Arabia, had been limiting production.On March 6, though, OPEC+ talks about renewing the production limits, which were set to expire at the end of March, fell apart. Russia refused to curtail production, which it saw as primarily benefiting U.S. shale oil producers. Shale oil
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